Published 9:45 pm, Thursday, December 17, 2009

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STAMFORD -- As part of a federal stimulus program, Harbor Point will receive a $16 million bond allocation from the state, Gov. M. Jodi Rell said in a Thursday press release.

"Harbor Point is one of the most important transit-oriented development projects in the state, and I am thrilled that it is the first to be taking advantage of this new financing program," Rell said. "This mixed-use project will bring jobs, housing opportunities and many other benefits to the community and the region, and its proximity to mass transit make it a great example of responsible growth."

Rell said the development's first phase would generate as many as 10,000 jobs and millions of dollars for the city and state in fees and taxes.

The special bonds are to be issued by the Harbor Point Infrastructure Improvement District, a special tax district created to issue bonds for public improvements. They are designed to allow issuers to benefit from lower-cost financing.

Connecticut was awarded a total of $90 million in such bonds -- $72 million to counties and $17 million to its five major cities.

The $16 million for Harbor Point is to come out of Fairfield County's $26.8 million allocation, Rell said.

Harbor Point is an estimated $3 billion redevelopment spread across 80 acres in the South End. The plan includes 4,000 units of housing, three office buildings, 400,000 square feet of retail space, and 11 acres of parks.

There is now 1.3 million square feet of development already underway, Freeman said.

Portions of project, which includes a Fairway supermarket, are expected to be completed as early as next year.

Staff Writer Elizabeth Kim can be reached at elizabeth.kim@scni.com or 203-964-2265.